Russi: Ally on Pace for Continued Momentum

Ally Financial Inc. just finished its second-strongest quarter of originations in the bank’s history. Ally reported $10.9 billion in originations in the second quarter, an 18.5% bump from the first quarter, and an 11.2% increase from the prior-year period. At a meeting with Auto Finance News in New York this week, Ally President of Auto Finance Tim
Russi said that he and the company were happy with the level of volume and originations.

“I think the business is firing on all cylinders right now,” Russi said. “We hope to continue that momentum. We’re clearly in the peak sales months —fourth-quarter [volume] tends to drop off, that’s the way the seasonality in the industry works. But as I look at the business, there are a number of variables,” Russi said. “Right now, if I look at my scorecard, all of them would be green. The momentum should continue not only in the industry, but for us.”